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Diamond deals all over the world conclude with a handshake and the Hebrew words, "mazal u’bracha," which roughly translates to "good fortune and a blessing." This universal code is an ode to Israel’s enduring legacy. Faced with opportunities and challenges, the country relies on tradition and innovation to sustain growth in the diamond trade.
The magnificence, symmetry and craftsmanship of the Bahá’í Gardens in the coastal city of Haifa are also evident in Israel-cut diamonds. Photo by Julius Zheng
Israel’s experienced diamond polishers rely on a rich tradition of craftsmanship. The country has also introduced many new and patented cuts in the market. Photos courtesy of the Israel Diamond Institute
Buyers at the International Diamond Week 2019 in Israel
A key industry in Israel, diamond exports account for about 17 percent of the country’s total trade. The Israeli diamond industry generates US$7 billion annually from the export of rough and polished diamonds, with a total annual export and import turnover of US$12.4 billion. The banking sector provides US$1.5 billion in credit to the diamond sector. The industry also employs 20,000 people domestically and 55,000 worldwide. Exports to the US, the Far East and Europe remain strong. Israel was likewise responsible for introducing technological advances to the industry.
Cautious optimism
Israel’s polished diamond exports amounted to US$4.48 billion in 2018, according to...
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